With the average Social Security check just $1,404 per month in 2018, starting a small business 401k retirement plan is a great way to help your employees secure their financial future. It also increases employee loyalty by demonstrating that you care about your worker's financial well being. Another big benefit is that a small company 401k offers tax advantages for both you and your employees.
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As a small business owner you know that hiring and retaining talented employees is key to your company's success. One way to attract top people is by offering a small business 401(k) retirement plan. Not only does doing so make your company more attractive to prospective employees, it builds trust with your current workers by telling them that you are interested helping them secure their future.
Critics of the new tax law believed that the reduction of corporate rates wouldn't actually benefit those of the working classes. The early returns on the new bill indicate they were wrong. Corporations are lining up to share the benefits of the new bill with their employees, according to this article in the Washington Examiner. The list of companies offering increased participation in retirement programs, wage increases, and bonuses is long and staggering. They include Alaska Airlines, American Airlines, American Bank, Aquesta Financial, Delaware Supermarkets, JetBlue, Jordan Winery, Nationwide Insurance, Flood Insurance, Turning Point Brands, and many, many more. Some of these companies have announced increased charitable giving as well. Also mentioned is that participation in 401(k) programs is on the rise.
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Employees like 401k retirement plans, so much so that they represent the kind of benefit which can help small business owners attract new workers. That said, more than 70% of small businesses don't offer these plans. Why are these plans so popular, and why are so many small companies reticent to offer them?